We've stayed at the CBR twice and have never booked preferred or water view locations. Disney's definition of a water view can be either a view of the lake or the pool. Definitely not worth it in my book. I also don't mind a bit of walking so I don't want to pay for a preferred location. (closer to the food court).
We have stayed in Martinique and in Jamaica. I liked both locations. Each time, I asked for an upstairs courtyard view and have gotten my request. The courtyard view are so pretty. We could stand out on the walkway and see the lush landscaping and benches or tables.
The walk around the entire promenade is just 1.4 miles long and Old Port Royale is in the middle so, no matter what village you are assigned by, you are no more than half that far away.
I agree with the previous poster....the CBR is a vacation within a vacation. You get a beach/tropical vacation and a Disney vacation all rolled into one!